The Croydon property market experienced a compound growth of 9.4% in the last five years and this number is likely to go even higher during 2017. If you own any residential property in Croydon you’ll be happy to hear that you can add even more value to it!
Certain additions can vastly increase the value of your Croydon property but before you start splurging your assets you need to know that not all additions make a positive impact. If you want to increase the value of your home, here are the top 5 ways to add more value to your Croydon property.
Add A Basement
If you have a basement or cellar you can increase your property value by 30% by converting it into a living space. When people buy homes in Croydon the most important factor is how much living or storage space the property has. If your house doesn’t have a basement this can become the most expensive way to add more value to your property. It can easily cost up to £200 per sq. foot to do the digging as well as costing another £100 per sq. foot to do the fitting. So unless you have a house that is priced at £300 per sq. ft. you won’t be seeing a substantial return on your investments.
Add A Bathroom
Adding another bathroom to your property can raise its value by 5% – 15% depending up on the size and condition of your house. People prioritise comfort and simplicity above all which makes adding an extra bathroom more economic than you think. If you hold back on the fancy tiles and taps you can easily get a nice new bathroom added to your property for £2,000 to upwards of £5,000.
The kitchen is one of the most important aspects of a home that makes up a considerable sum of your property’s value. Having a fancy and spacious kitchen can really help you raise the value of your property by 10% – 15 and if the kitchen is in the loft the value can go much higher. The key to getting the most ROI on a new kitchen is making sure that it pulls in a lot of natural light and has a high ceiling to make the kitchen feel more spacious. In a recent meeting I had with Rightmove (the online Portal), I was informed that the Kitchen is infact the best picture to show online as the main photo. Research has shown that a well designed kitchen can make or break a sale or let, as well as increase value on both parts.
Loft conversion is by far the best and most affordable way to add more appeal to your home and is almost guaranteed to provide a high ROI. Your property’s loft can be used to add a new kitchen, bathroom or even a bedroom which can drastically increase its appeal and price while keeping costs at a minimum.
Increase Living Space
As mentioned earlier, people prioritise living space and comfort above all else. Rather than looking for a fancy or fashionable property, the majority of people will always opt for what’s more comfortable and roomy. The best way to add more living space to your property is to add a conservatory. Adding a conservatory to your property is guaranteed to get you a 5% – 15% increase in the value of your property (as long as it’s done right!)
If you have a property in Croydon that you may be selling or renting, and want to know how to maximise it’s potential, why not give me a call and i’ll see if I can help with some ideas! I would strongly recommend reading all of the books below to increase your knowledge on the property game too!